Market uncertainties and too-big-to-fail perception: Evidence from Chinese P2P registration requirements

IF 5.4 2区 经济学 Q1 BUSINESS, FINANCE
Zongyuan Li , Jingya Li , Xiao Chang
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引用次数: 0

Abstract

The enforcement of peer-to-peer (P2P) registration requirements in mid-2018 triggered a P2P market meltdown, highlighting the inherent challenge faced by Chinese market participants in distinguishing between genuine and fraudulent fintech firms. The difference-in-difference results suggest that the too-big-to-fail (TBTF) perception can effectively halve investor outflows and borrower outflows during periods of uncertainty. Dynamic analysis further validates the parallel-trend assumption and underscores the persistent influence of TBTF perception. Moreover, the empirical findings suggest that, in the face of a market downturn, fintech market participants become unresponsive to all other certification mechanisms, including venture capital participation, custodian banks, and third-party guarantees.

市场不确定性与 "大而不能倒 "的观念:来自中国 P2P 注册要求的证据
2018年年中点对点(P2P)注册要求的实施引发了P2P市场的崩溃,凸显了中国市场参与者在区分真假金融科技公司时所面临的内在挑战。差分结果表明,在不确定时期,"大而不能倒"(TBTF)的观念可以有效地使投资者外流和借款人外流减半。动态分析进一步验证了平行趋势假设,并强调了 TBTF 感知的持续影响。此外,实证研究结果表明,面对市场低迷,金融科技市场参与者会对所有其他认证机制失去反应,包括风险资本参与、托管银行和第三方担保。
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来源期刊
CiteScore
6.60
自引率
10.00%
发文量
142
期刊介绍: International trade, financing and investments, and the related cash and credit transactions, have grown at an extremely rapid pace in recent years. The international monetary system has continued to evolve to accommodate the need for foreign-currency denominated transactions and in the process has provided opportunities for its ongoing observation and study. The purpose of the Journal of International Financial Markets, Institutions & Money is to publish rigorous, original articles dealing with the international aspects of financial markets, institutions and money. Theoretical/conceptual and empirical papers providing meaningful insights into the subject areas will be considered. The following topic areas, although not exhaustive, are representative of the coverage in this Journal. • International financial markets • International securities markets • Foreign exchange markets • Eurocurrency markets • International syndications • Term structures of Eurocurrency rates • Determination of exchange rates • Information, speculation and parity • Forward rates and swaps • International payment mechanisms • International commercial banking; • International investment banking • Central bank intervention • International monetary systems • Balance of payments.
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